USDJPY gets a positive signal – Analysis - 27-12-2016

The EMA50 forms good intraday support base that protects the USDJPY pair from achieving more decline, to continue fluctuating near the minor bearish channel's resistance that appears on chart, noticing that stochastic shows positive signals now, which supports the chances of breaching the mentioned resistance at 117.65 followed by activating the positive effect of the bullish flag pattern, which we expect to assist to push the price to breach 118.65 level to open the way to head towards our next main target at 120.00.

Therefore, our bullish overview still valid and active until now conditioned by the price stability above 116.55 level, reminding you that breaking this level will push the price to head towards 113.97 direct before any new positive attempt.

Expected trading range for today is between 116.55 support and 118.65 resistance.

Expected trend for today: Bullish